MANKATO — Minnesota farmers and agribusinesses produces a whopping $26 billion annually and make up about 15% of the state’s economy. Tariffs and a slowdown in the ag economy would be a blow to the state, said panelists at a forum in Mankato Friday.
Brett Feldman, who grew up in Renville and now is a credit analyst at United Prairie Bank in Mankato, said rural communities like his hometown are dependent on ag. The top three employers in town are all agriculture related.
“So if things go down (in the ag economy) it hurts everyone.”
Beyond the direct ag jobs in town, Feldman said a poor ag economy means people will go out to eat less and spend less on other things in the community.
The agribusiness roundtable Friday was one of several panel discussions hosted by Minnesota State University’s new Maverick Center for Financial Success.
Kevin Paap, a farmer, Blue Earth County commissioner and former state Farm Bureau director, said the state’s ag production goes far beyond the corn and soybean fields we see in southern Minnesota. Sugar beets, sweet corn, wheat, pork and more are produced in the state and sold domestically and to foreign trading partners, including China, Canada and Mexico.
“We’ve got the climate, we have the transportation — we’ve got a lot going for us.”
Paap said the state has been the leader in biofuels for some 30 years, being the first state to produce ethanol from corn.
The Maverick Center is located in a former bookstore near campus, next to AmericInn hotel. A large part of funding for the center comes from the Charles Schwab Foundation. The building was renovated over the past year and the MSU College of Business started utilizing it this year.
“The goal of the Maverick Center for Financial Success is to improve financial literacy and increase the number of students doing financial planning,” said professor Ishuan Li Simonson, who is co-director of the center, along with professor Dan Hiebert.
“Financial literacy is needed, not just in Minnesota but in the nation,” Simonson said.
The center aims to promote entrepreneurship for business students and connect local business partners to the students. Many business classes are held at the center.
Other conference topics Friday included discussions on small business succession, personal finance curriculum in Minnesota schools, student financial success and financial planning and a presentation on financial literacy.